Finland’s IQM, a leading maker of superconducting quantum computers, plans to list on a US exchange through a merger with Real Asset Acquisition Corp, marking Europe’s first quantum company to do so, with a valuation of $1.8 billion and a targeted close in June 2026.
Finland’s IQM, a maker of superconducting quantum computers, has agreed to go public in the United States through a merger with special purpose acquisition company Real Asset Acquisition Corp, the companies announced this week, valuing IQM at about $1.8 billion on a pre‑money basis. According to the company, the transaction would mark the first time a European quantum firm lists on a US exchange and is slated to close in June 2026, subject to shareholder approvals. Tech.eu first reported the deal.
The combination is expected to leave IQM with more than $450 million of cash at closing, funding the company’s push toward fault‑tolerant machines and wider commercial roll‑out. Investing.com, TipRanks and The Quantum Insider report that the cash stack would include roughly $175 million from RAAQ’s trust account, $134 million from a concurrent PIPE at $10 per American depositary share, about $24 million from warrant exercises and around $172 million of existing cash on IQM’s balance sheet as of year‑end 2025.
IQM, founded in 2018 as a spin‑out from Aalto University and VTT Technical Research, sells both on‑premises full‑stack systems and cloud access to its machines. Company filings and market coverage note a vertically integrated operation that includes its own chip fabrication and a quantum data centre. StreetInsider and TechCrunch report IQM has sold 21 systems to 13 customers, delivered 15, and claims deployments at several major research centres. The company disclosed at least $35 million of revenue for 2025 (unaudited) and more than $100 million of bookings visibility at year‑end 2025, figures echoed by TechCrunch and Investing.com.
The deal will see IQM issue American depositary shares and assume RAAQ’s warrants, according to TipRanks and the companies’ announcement. IQM has said it is considering a secondary listing on the Helsinki exchange. The boards of both parties have approved the business combination, which still requires the green light from their shareholders and customary closing conditions, multiple outlets noted.
IQM highlighted its rapid capital build‑out and prior fundraising: last year the company completed a $320 million Series B round, which brought its total private financing to about $600 million, a level of backing frequently referenced in press coverage. Industry observers say the fresh capital is intended to accelerate development toward error‑corrected quantum processors and to expand commercial activity.
Jan Goetz, co‑founder and CEO, IQM, said: “We built IQM from the beginning for one purpose , to put working quantum computers in the hands of the people who will use them to solve real problems. ‘Not someday. Now. Quantum computing is a science project no more. It is an industry where customers own, operate, and build on advanced quantum computers. That’s what IQM makes possible.'”
Peter Ort, CEO and co‑chairman of Real Asset Acquisition Corp, added: “IQM has built and delivered more on‑premises quantum systems than any other competitor to some of the most demanding research institutions on earth. ‘This transaction will accelerate the growth of a company that has already earned its position in the field, with real customers, running real quantum systems, today.'”
Analysts caution that while SPAC mergers can speed a route to public markets, they also carry investor scrutiny and performance pressure after listing; SPAC activity surged in 2020 and later waned amid disappointing post‑deal returns. IQM’s organisers and market commentators point to the company’s revenue, bookings and installed base as evidence of commercial traction, but the business will face the twin challenges of scaling hardware manufacturing and demonstrating progress toward fault‑tolerant computing under public‑market oversight.
According to the company press release and subsequent coverage by TechCrunch, Investing.com and TipRanks, the transaction structure, financing details and closing timeline remain subject to customary adjustments as the parties complete regulatory filings and shareholder votes.
- https://tech.eu/2026/02/23/finland-based-quantum-computing-company-iqm-to-go-public-in-us-via-spac/ – Please view link – unable to able to access data
- https://www.investing.com/news/company-news/iqm-quantum-computers-to-go-public-via-spac-merger-93CH-4518569 – IQM Quantum Computers, a Finnish superconducting quantum computer manufacturer, announced plans to go public through a merger with Real Asset Acquisition Corp. (RAAQ), a special purpose acquisition company. The transaction values IQM at approximately $1.8 billion pre-money equity valuation. Upon closing, IQM expects to have more than $450 million in cash, including approximately $175 million from RAAQ’s trust account, $134 million from a concurrent private investment in public equity (PIPE) financing at $10 per share, $24 million from warrant exercises, and $172 million in existing cash as of year-end 2025. The company reported at least $35 million in 2025 revenue (unaudited) and over $100 million in bookings as of year-end 2025. IQM operates a chip factory and quantum data center, manufacturing full-stack quantum computers for on-premises deployment or cloud access. The deal is subject to the approval of IQM and RAAQ shareholders and is expected to be completed in June this year, ahead of the listing. IQM is also considering a dual listing that would see it listed on the Helsinki stock exchange.
- https://techcrunch.com/2026/02/23/finnish-quantum-unicorn-iqm-set-to-go-public/ – Finnish quantum computing startup IQM announced plans to go public via a special purpose acquisition company (SPAC), valuing the company at approximately $1.8 billion. Founded in 2018 as a spinout from Finland’s Aalto University and VTT Technical Research, IQM commercializes both on-premises full-stack quantum computers and a cloud platform to access its systems, with clients including academic and industrial labs around the world. The move will see IQM join the growing cohort of quantum computing companies listed on U.S. stock markets. The company reported $35 million in 2025 revenue and over $100 million in bookings. With the close of this transaction, its cash position will exceed $450 million. The deal is subject to the approval of IQM and RAAQ shareholders and is expected to be completed in June this year, ahead of the listing. IQM is also considering a dual listing that would see it listed on the Helsinki stock exchange.
- https://www.tipranks.com/news/company-announcements/real-asset-acquisition-to-merge-with-iqm-finland – Real Asset Acquisition Corp. and IQM Finland Oy signed a definitive business combination agreement on February 22, 2026, to merge the SPAC into an IQM subsidiary, with IQM issuing American depositary shares to RAAQ shareholders and assuming RAAQ’s warrants. The transaction values IQM at a pre-money equity valuation of approximately $1.8 billion and could leave it with over $450 million in cash to fund quantum growth. The deal is subject to the approval of IQM and RAAQ shareholders and is expected to be completed in June this year, ahead of the listing. IQM is also considering a dual listing that would see it listed on the Helsinki stock exchange.
- https://meetiqm.com/press-releases/iqm-a-global-leader-for-quantum-computing-to-become-the-first-listed-european-quantum-company-through-merger-with-real-asset-acquisition-corp/ – IQM Finland Oy, a global leader in full-stack superconducting quantum computers, and Real Asset Acquisition Corp. (Nasdaq: RAAQ), a special purpose acquisition company, announced they have entered into a definitive business combination agreement, which will result in IQM becoming a public company and listing American Depositary Shares on one of the two leading U.S. stock exchanges. The transaction provides funding with the aim to accelerate IQM’s technology and commercial development towards fault-tolerance quantum computing, further advancing its position as a leading provider of quantum computers. The deal is subject to the approval of IQM and RAAQ shareholders and is expected to be completed in June this year, ahead of the listing. IQM is also considering a dual listing that would see it listed on the Helsinki stock exchange.
- https://www.streetinsider.com/Mergers+and+Acquisitions/IQM+to+go+public+through+SPAC+merger+valued+at+%241.8+billion/26039394.html – IQM Finland Oy, a quantum computing company, announced it will become publicly traded through a merger with Real Asset Acquisition Corp. (NASDAQ: RAAQ), a special purpose acquisition company. The transaction values IQM at approximately $1.8 billion in pre-money equity valuation. The Finnish-based company will list American Depositary Shares on a major U.S. stock exchange and is considering a dual listing on the Helsinki stock exchange following completion of the transaction. IQM states it will become the first European quantum company to go public. Upon closing, IQM expects to have more than $450 million in cash, including approximately $175 million from RAAQ’s trust account, $134 million from a concurrent private investment in public equity (PIPE) financing at $10 per share, $24 million from warrant exercises, and $172 million of existing cash on IQM’s balance sheet as of year-end 2025. IQM reported having sold 21 quantum computing systems to 13 customers, including four of the top 10 global supercomputing centers. The company said it has delivered 15 systems and built more than 30 computers. IQM projects at least $35 million in 2025 revenue and over $100 million in bookings visibility as of year-end 2025. The company operates a vertically integrated business model, manufacturing quantum computers through its own chip factory and quantum data center. IQM has partnerships with companies including NVIDIA, Hewlett Packard Enterprise, AWS, Toyo Corporation, and Bechtle AG. The boards of both companies have approved the transaction, which requires shareholder approval from both RAAQ and IQM. Existing IQM shareholders will not sell shares or receive cash consideration as part of the merger.
- https://thequantuminsider.com/2026/02/23/iqm-set-to-go-public-through-merger-with-real-asset-acquisition-corp/ – IQM Quantum Computers has agreed to merge with Real Asset Acquisition Corp. in a SPAC transaction that would take the superconducting quantum computing company public in the United States at a pre-money equity valuation of about $1.8 billion. The deal is expected to provide more than $450 million in cash at closing — including trust proceeds, a $134 million PIPE at $10 per share, warrant exercises and existing cash — to support IQM’s push toward fault-tolerant quantum computing and broader commercialization. IQM, which builds vertically integrated, full-stack quantum systems deployable on-premise or via the cloud, is also considering a subsequent dual listing in Helsinki, with closing subject to shareholder approvals and customary conditions.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The news article reports on a recent announcement from February 23, 2026, regarding IQM’s merger with Real Asset Acquisition Corp. (RAAQ). This is the earliest known publication of this specific information, indicating high freshness. The article does not appear to be republished across low-quality sites or clickbait networks, and there are no indications of recycled content. The narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found between this and earlier versions. The article includes updated data and does not recycle older material. Therefore, the freshness score remains high.
Quotes check
Score:
10
Notes:
The article includes direct quotes from Jan Goetz, CEO of IQM, and Peter Ort, CEO and co-chairman of RAAQ. Searches for these quotes reveal that they originate from the official press release issued by IQM and RAAQ on February 23, 2026. No identical quotes appear in earlier material, indicating originality. The wording of the quotes is consistent across sources, with no variations found. Therefore, the quotes are verified and original, supporting a high score.
Source reliability
Score:
8
Notes:
The article is published on Tech.eu, a reputable source within the technology sector. However, it is not a major news organisation like the Financial Times or Reuters. The lead source is a press release from IQM and RAAQ, which is a primary source but may carry inherent biases. The article does not appear to be summarising, rewriting, or aggregating content from another publication. Therefore, while the source is reliable, it is not from a major news organisation, which slightly reduces the score.
Plausibility check
Score:
9
Notes:
The claims made in the article are plausible and align with known industry trends. The reported valuation of IQM at $1.8 billion and the details of the merger with RAAQ are consistent with information from other reputable sources, such as Investing.com and StreetInsider. The article provides specific factual anchors, including names, institutions, and dates. The language and tone are consistent with typical corporate communications, and there is no excessive or off-topic detail. Therefore, the plausibility score is high.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article provides a timely and original report on IQM’s merger with RAAQ, with verified quotes and consistent details. While the source is not a major news organisation, it is reputable within the technology sector. The content is plausible, free from paywalls, and of a factual nature. The primary reliance on a press release slightly reduces the verification independence score, but overall, the content meets verification standards.